To improve home ownership in the country, First City Monument Bank (FCMB) is offering Nigerians mortgage loans of up to N75 million, and anyone can qualify. The move has simplified homeownership for millions of Nigerians who want to own their homes.
According to a Central Bank of Nigeria report, Nigeria requires about 700,000 housing units yearly for 20 years to accommodate the rising population, which is currently about 197 million.
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First City Monument Bank seeks to bridge the nation’s housing deficit through its unique homeownership value proposition.
Determined to redress this situation, FCMB urged the populace, including salaried individuals, to take advantage of its convenient and flexible mortgage loan product to fulfil their homeownership dream.
According to the bank, customers can get the funds needed to finance the cost of buying land to build a home quickly at an affordable interest rate with monthly or quarterly payment options depending on their income.
Commenting on FCMB’s mortgage loan product, the Divisional Head, Personal Banking of the Bank, Mr Shamsideen Fashola, said: “Homeownership is one of the most important accomplishments of an individual as it goes a long way to secure the future. As a responsive and customer-centric institution, our mortgage loan product is tailored towards helping our customers become landlords, thereby making them secure, accomplished and fulfilled.
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“The mortgage loan is easy to obtain, and repayment is flexible. We want to be part of the success story of our customers. We will continue to support our customers’ dreams and that of Nigerians by giving them the financial support they need to be homeowners when it matters most. We, therefore, advise them to take advantage of the opportunities we offer in the mortgage segment.”
The bank’s decision to make the mortgage loans easily accessible to Nigerians directly responds to the impact COVID-19 has had on personal and household incomes and business.